Sacombank Cuts Lending Rates 2%, Launches VND 15T Credit Packages

Overview

Sacombank (STB) announced a 2% reduction in lending rates for import-export customers and launched preferential credit packages totaling VND 10,000-15,000 billion for priority sectors, households, and FDI enterprises. The move follows the Prime Minister’s directive to lower borrowing costs and support economic growth. STB is among the first banks to respond, narrowing its net interest margin to 0.79%.

Key Facts

• Sacombank cut lending rates by 2% for import-export customers, effective from August 13, 2026, until December 31, 2026.
• The rate cut applies to both new and existing customers in the import-export segment, which has a portfolio of nearly VND 100,000 billion at Sacombank.
• Sacombank reduced its net interest margin from approximately 2.79% to 0.79% to support businesses.
• The bank launched preferential credit packages totaling VND 10,000-15,000 billion for priority sectors, household businesses, and FDI enterprises.
• Interest rates for these packages are expected to be 8.5-9% per annum, tailored by customer segment, tenor, and market conditions.
• The programs are part of Sacombank’s response to the Prime Minister’s directive following a meeting with the State Bank of Vietnam (SBV) and credit institutions.
• Sacombank’s CEO, Loic Faussier, emphasized that rate cuts must be based on improved operational efficiency and sustainable cost control.

What Happened

Sacombank (STB) announced proactive measures to lower lending rates and expand credit access for key customer groups, in line with the Prime Minister’s directive. The bank will reduce lending rates by 2% for import-export customers, a segment where Sacombank holds a portfolio of nearly VND 100,000 billion. The program runs from August 13, 2026, to December 31, 2026, and applies to both new and existing clients.

In addition, Sacombank is deploying preferential credit packages totaling VND 10,000-15,000 billion for priority sectors, household businesses, and FDI enterprises, with interest rates expected at 8.5-9% per annum. The bank’s CEO, Loic Faussier, stated that Sacombank fully supports the government’s policy to reduce lending rates and lower capital costs for businesses. He noted that the bank is simultaneously cutting costs, optimizing operations, accelerating digital transformation, and improving labor productivity to create room for further rate reductions.

Market Context

Sacombank (STB) trades on HOSE and closed at VND 73,100 on August 13, 2026. The rate cut and credit expansion come amid a broader government push to stimulate economic growth through lower borrowing costs. Vietnamese banks are under pressure to support businesses while maintaining profitability. STB’s decision to narrow its net interest margin to 0.79% is aggressive and may impact its near-term earnings, but could strengthen its competitive position in the import-export financing segment, where it has a strong franchise.

Strategic Significance

Sacombank’s proactive rate cut and credit packages signal its commitment to supporting the economy and aligning with government policy. By focusing on import-export customers, a segment where it has a competitive advantage, STB aims to deepen client relationships and drive loan growth. The move may pressure margins in the short term, but could enhance STB’s reputation as a reliable partner for businesses, potentially leading to higher market share and long-term profitability. The bank’s emphasis on cost efficiency and digital transformation suggests it is managing the trade-off between lower rates and operational sustainability.

What to Watch

• Q3 2026 earnings release: Monitor net interest margin and loan growth to assess the impact of the rate cut.
• Implementation of credit packages: Track disbursement rates for the VND 10,000-15,000 billion packages.
• SBV policy direction: Watch for further regulatory guidance on lending rates and credit growth.
• Competitor responses: See if other banks follow with similar rate cuts, which could intensify competition.
• STB’s cost efficiency metrics: Evaluate progress on cost-to-income ratio and digital transformation initiatives.